Clearly, it makes no sense to be investing our subsidies in the oil sands. It was a tax subsidy that was put in place to get the oil sands going. Between 1995 and 2002, capital spending in the oil sands increased by a staggering 1,649%. That is a pretty solid indication that those subsidies have played an effective role and have done their job. Those moneys could be much more effectively invested in renewable energy through some of the recommendations that I laid out for you, and the cost of climate change will be much smaller if we act now to reduce climate change.
I have a six-month-old baby at home. I don't want to imagine the cost to her world and her grandchildren if we wait another decade to act. That would be beyond belief.
We clearly know that across the world--all climate scientists agree--it is time to act. We need to take action now, and we will save billions by doing so.